Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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THAMES ENTERPRISE PARK LIMITED
COMPANY INFORMATION
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THAMES ENTERPRISE PARK LIMITED
CONTENTS
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THAMES ENTERPRISE PARK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
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THAMES ENTERPRISE PARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THAMES ENTERPRISE PARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED
We have audited the financial statements of Thames Enterprise Park Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Profit and Loss Account, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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THAMES ENTERPRISE PARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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THAMES ENTERPRISE PARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the Company and the Group, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals using artificial intelligence to analyse all journals posted in the year and to detect and identify risks of management override of controls; and - Challenging assumptions and judgements made by management in their critical accounting estimates, in particular the carrying value of stock.
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THAMES ENTERPRISE PARK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THAMES ENTERPRISE PARK LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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THAMES ENTERPRISE PARK LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
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THAMES ENTERPRISE PARK LIMITED
REGISTERED NUMBER: 10844191
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
The consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.
The notes on pages 12 to 19 form part of these financial statements.
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THAMES ENTERPRISE PARK LIMITED
REGISTERED NUMBER: 10844191
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The loss for the company for the year was £136,000 (2021 - £722,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 19 form part of these financial statements.
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THAMES ENTERPRISE PARK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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THAMES ENTERPRISE PARK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Thames Enterprise Park Limited (the "Company") is a private company limited by share capital incorporated in England and Wales and domiciled in the United Kingdom. The address of the registered office is 10 Upper Berkeley Street, London,W1H 7PE.
The Company's principal activity is that of a holding company with direct holding of strategic land development companies. The consolidated financial statements and company only financial statements have been prepared for the twelve months ended 31 December 2022. The comparatives shown in the Consolidated Profit and Loss Account are for the 18 month period to 31 December 2021 and therefore are not entirely comparable due to the difference in length of the reporting period.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis as the directors are satisfied that the company has the resources to continue in business for the foreseeable future which has been taken as being at least twelve months from the date of approval of the financial statements.
In the year ended 31 December 2022, the Group made a loss of £334,000 and had a net asset position at that date of £3,549,000. The Group holds a significant plot of land on the Thames Estuary and the directors are confident the Group will be able to access sufficient liquid facilities for at least twelve months after the approval of the financial statements in order to be able to operate as a going concern. The Group has received confirmation from its owners, Greenergy International Limited and Marcol TEP Limited, that they will provide support for a period of at least 12 months from the date of approval of these financial statements. A Resolution to Grant has been obtained and the directors believe full planning permission will be granted within twelve months of the approval of these financial statements. This will allow the Group to bring the land to a state fit for sale. Based on the results of the Group, the support gained from the owners and the future financial prospects of the land, the directors have concluded that the going concern basis remains an appropriate basis of preparation for these financial statements and therefore the directors do not consider there to be any material uncertainties relating to going concern.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The following are the critical judgements and estimations that the Directors have made in the process of applying the Group’s accounting policies and that have the most significant impact on the amounts recognised in the financial statements. Valuation of stock Stock is held at the lower of cost and net realisable value. The Directors have determined that the selling price of the land held for sale is greater than that for which it was purchased. The Directors have taken into account the present value of the future sales price in order to determine this as well as the residual value of the stock at the balance sheet date. Recoverability of amounts owed by group undertakings The Directors assess the recoverability of amounts owed by group undertakings to the Company by considering the net asset position of the creditor company and the future prospects of that company. The Directors consider the amounts owed by group undertakings to the Company are materially recoverable in full.
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Subscription, Shareholders' and Joint Venture Agreement
In July 2018, an agreement was signed between the Company’s shareholders and the Company, and later Thames Enterprise Park Land Limited, which provided £61,380,000 to Thames Enterprise Park Land Limited for the purchase of 100% of the share capital of Coryton Asset Holding Limited. The loan is secured over charges on the shares in Coryton Asset Holding Limited and a debenture granted by Coryton Asset Holding Limited over its assets. No interest is charged on the loan and has no specific repayment date. However, the Company anticipates repayment within two to five years of the balance sheet date. Equity Loan 1 In July 2018, an agreement was signed between the Company and a shareholder to provide the Company with an unsecured facility. The facility is intended to enable the Company to meet its obligations under the Subscription, Shareholder' and Joint Venture Agreement. There is no fixed repayment date and at 31 December 2022, the total liability under this loan (including accrued interest) was £9,634,930 (2021: £7,389,514). Interest is charged at 10% per annum. The Company anticipates repayment within two to five years of the balance sheet date. Equity Loan 2 In July 2018, an agreement was signed between the Company and another shareholder to provide the Company with an unsecured facility. The facility is intended to enable the Company to meet its obligations under the Subscription, Shareholder' and Joint Venture Agreement. There is no fixed repayment date and at 31 December 2022, the total liability under this loan (including accrued interest) was £9,348,791 (2021: £5,428,664). Interest is charged at 10% per annum. The Company anticipates repayment within two to five years of the balance sheet date.
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THAMES ENTERPRISE PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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